ATLANTA, July 13, 2020 (GLOBE NEWSWIRE) -- Monarch Private Capital (MPC), a leading tax credit equity and ESG investment firm, is pleased to announce the closing of Monarch Federal Historic Preservation Fund I (Fund I). The $21 million fund provides investment in historic rehabilitation projects that will generate single-year federal historic tax credits in 2020 and 2021. In addition to preserving historically significant properties, the investments in these properties promote sustainability, revitalize neighborhoods, and encourage economic growth within the local communities.
Investors in Fund I are financial institutions interested in community development and economic returns while also managing their effective tax rate. Fund I, the first of several planned funds, targets properties that generate federal historic tax credits of $1 million – $5 million and that qualify for single-year credits. The footprint of the fund is largely Midwestern and Southeastern regions of the United States with a diversified mix of assets.
ONB Community Equity LLC, a wholly-owned subsidiary of Old National Bank (ONB), is the lead investor in Fund I. Fund I called on ONB’s tax credit group’s relationships and experience within the marketplace to secure many of the historic tax credit projects that comprise the fund’s investments. Both MPC and ONB recognize the value of historic tax credit equity to preserve historic buildings.
“The creation of Fund I was an effort to bring new life to under-utilized and vacant properties,” said Rick Chukas, Managing Director of Federal Historic Tax Credits. “We appreciate the commitment of our investor partners who came together to invest in reshaping our communities.”
For more information on MPC’s programs and services, please contact Rick Chukas by emailing rchukas@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About Old National Bank
Old National Bancorp (NASDAQ:ONB) is the holding company of Old National Bank. Headquartered in Evansville with $20.7 billion in assets, it is a top 100 U.S. bank, the largest Indiana-based bank and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since 1834, Old National has been a community bank committed to building long-term, highly valued relationships with clients. With locations in Indiana, Kentucky, Michigan, Minnesota, and Wisconsin, Old National provides retail and commercial banking services along with comprehensive wealth management, investment and capital markets services. For information and financial data, please visit Investor Relations at oldnational.com.
Attachment